PETALING JAYA: TMG Ventures has recently acquired Mikey’s Original New York Pizza and NY Burger Co, and is set to open up franchise opportunities.
The acquisition of these two American-inspired brands comes on the heels of a partnership with Perbadanan Nasional Bhd (Pernas), a company owned by the Ministry of Finance Inc, to further catalyse the growth of Malaysia’s food and beverage (F&B) and franchise industry and to help local brands tap into the Asia-Pacific F&B eating-out industry. The Pernas partnership was entered into with FBE Ventures, the holding company of TMGV.
TMGV executive chairman Datuk Seri Subahan Kamal said the acquisition in partnership with Pernas is to catapult homegrown “franchisable” brands with good growth potential to greater success.
“By creating Malaysian franchises with global standards, we aim to elevate these brands towards a regional and international audience,” he said.
Prior to this, TMGV has acquired brands such as The Majapahit, Tail & Fin, and Wings of the World. TMGV also has a working relationship with ZING, a food and technology company that is scaling digital foodhall concept in Southeast Asia which allows expansionary plan for its brands.
Mikey’s Original New York Pizza and NY Burger Co have full scale outlets in 1 Mont’Kiara, Plaza Batai and Citta Mall in the Klang Valley. Additionally, both brands have 10 other outlets each, which were expanded via the ZING platform.
TMGV executive director Manichel Subra added that the company welcomes interested franchisees to explore this opportunity.
“We have intentionally positioned an affordable franchise investment plan to help address the current business climate. Our low-entry yet profitable business opportunity also addresses the conventional expansion and growth issues faced by brands. Our business model is also very much in line with the Malaysian government’s pro-franchise policy that aims to establish the nation as the franchise hub for Asean,” he said.
As the deal was completed with a combination of cash and shares, Mikey’s Pizza & NY Burger Co founder Michael Helfman will stay on as shareholder and adviser to the group.
According to the Franchise Business Annual Report, the sales value of franchise companies increased by 9.7% to RM14.6 billion in 2020 from RM13.3 billion in 2019.2. In 2018, total sales stood at RM11.16 billion.